In 13 of the last 20 years and for the last 8 years in a row, the passive return on the S&P500 > the active return on the average hedge fund

In 13 of the last 20 years and for the last 8 years in a row, the passive return on the S&P500 > the active return on the average hedge fund pic.twitter.com/02uI47vDg2

— Mark J. Perry (@Mark_J_Perry) January 20, 2017